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Miramar & Maximus Announce Letter of Intent to Explore Part of Hope Bay Belt; Deal Would Accelerate Exploration of Twin Peaks & Eastern Contact Areas.

Article Excerpt
VANCOUVER, British Columbia -- Miramar Mining Corporation (AMEX:MNG) (TSX:MAE) and Maximus Ventures Ltd. (TSX VENTURE:MXV) today announced that they had signed a letter of intent that would allow for the accelerated exploration of the Twin Peaks and Eastern Contact target areas of Miramar's 100% owned Hope Bay belt in Nunavut.

"The Twin Peaks and Eastern Contact areas at Hope Bay are very prospective exploration targets," said Tony Walsh, Miramar's President & CEO. "However, Miramar's immediate focus is on building the production profile from the existing deposits on the belt. Given the large number of other exploration opportunities available to Miramar within the Hope Bay belt, it makes sense to bring in another party to accelerate the exploration of areas that might not have been exploited for a number of years. The goal of this transaction is to allow Miramar to maximize the value of the Hope Bay belt by advancing it to production as soon as possible, while continuing to build the production profile through the systematic exploration of the belt, with grassroots exploration being conducted in cooperation with strategic partners."

"We are very excited to have the opportunity to participate in the exploration of one of Canada's most prospective gold belts," said Ian Rozier, Chairman of Maximus. "High grade gold showings in the Eastern Contact area present immediate drilling opportunities, while the Twin Peaks area has numerous indications of potential to host large scale, bulk tonnage gold deposits. These targets provide Maximus with a blend of risks and opportunities within a prolific, under-explored...